Ontario · Bankruptcy
Trustee's Preliminary Report
Court officer report · 12 June 2020
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What we verified from this filing10 verified
- commencement date25 May 2020
- court file no35-2647164
- proceeding typebia_bankruptcy
- statutory basisSection 67(b), of the Bankruptcy and Insolvency Act
- secured creditorsnote: Approximately $401,000 owed plus a separate $100,000 letter of credit exposure; Section D Statement of Affairs lists secured claims at $501,000 (likely the sum of both figures, reported as stated, not computed). Libro agreed to allow a portion of equipment proceeds to fund Trustee fees. · page: 2 · amount: 401000 · debtor: 2344335 Ontario Ltd. o/a Midas Auto Service and Tires · creditor: Libro Credit Union · currency: CAD · security: General security against the assets of the Company
- unsecured creditorsnote: Document names no individual creditors. Claims received to date (proofs filed) total $45,782, labelled separately as actual claims received rather than the reported/scheduled amount. · page: 2 · as of: Statement of Affairs · basis: As per Statement of Affairs · amount: 275724 · debtor: 2344335 Ontario Ltd. o/a Midas Auto Service and Tires · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- appointeeMNP Ltd.
- appointee roleTrustee in Bankruptcy
- provinceOntario
- recovery outcomeentries: basis: estimated · quote: The Trustee expects there will be a significant shortfall to Libro and as such, there will be no distribution to unsecured creditors in this bankruptcy. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Libro · creditor name: Libro · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: The Trustee expects there will be a significant shortfall to Libro and as such, there will be no distribution to unsecured creditors in this bankruptcy. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2020-06-12 · table missing: